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%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
\begin{document}
\begin{center}
{\large\bf  Replications of Figures in the MS}\\ 
\end{center}
$\quad$\\
 
%%%%%% Descriptive Graphs. %%%%%
%% Figure 1
   \begin{figure}[H]
    \begin{center}
    \caption{Fig1: Empirical Distributions of Transparency} \label{trans}
        \begin{tabular}{cc}
    \includegraphics[ height =0.3\linewidth]
    {disGraphs/transDistr.pdf} & \includegraphics[ height =0.3\linewidth]
    {disGraphs/transDistrRegime.pdf} \\
    (a) Transparency & (b) Transparency by Regime Type
    \end{tabular}
    \end{center}
%    \floatfoot{Note: The distribution of the HRV Transparency index is skewed to the right, and democracies are more transparent in general.}
    \end{figure}


%%% Figure 2
   \begin{figure}[H]
   \footnotesize
    \begin{center}
    \caption{Fig2: Distributions of Loans across Time } \label{dis2}
        \begin{tabular}{cccc}
    \includegraphics[width=0.22\linewidth, height =0.2\linewidth]
    {disGraphs/yrsimfc.pdf} &
    \includegraphics[width=0.22\linewidth, height =0.2\linewidth]
    {disGraphs/yrsimfd.pdf}&
        \includegraphics[width=0.22\linewidth, height =0.2\linewidth]
    {disGraphs/yrswbc.pdf} &
    \includegraphics[width=0.22\linewidth, height =0.2\linewidth]
    {disGraphs/yrswbd.pdf}\\
   IMF Commitments & IMF Disbursements & WB Commitments & WB Disbursements
    \end{tabular}
    \end{center}
    \floatfoot{Note: WB loans occur more frequently and last longer. The scales of the y-axis are different across the IMF/WB panels.}%in the two figures.  IS THAT WHAT THESE PLOTS ACTUALLY IMPLY?}
    \end{figure}
    
  %% Figure 3
  
    \begin{figure}[H]
    \begin{center}
    \caption{Fig 3: Loans and Regime Type} \label{dis}
        \begin{tabular}{m{0.4in} | m{2.75in} m{2.75in}}
         & \multicolumn{1}{c}{Commitments} & \multicolumn{1}{c}{Disbursements}\\
         \hline\\
   IMF & \includegraphics[height =0.6\linewidth]
    {disGraphs/imfC.pdf} &
    \includegraphics[height =0.6\linewidth]
    {disGraphs/imfD.pdf}\\
   %IMF Commitments & IMF Disbursements\\
   %\midrule
   WB &  \includegraphics[ height =0.6\linewidth]
    {disGraphs/wbC.pdf} &
    \includegraphics[height =0.6\linewidth]
    {disGraphs/wbD.pdf}\\
%   WB Commitments & WB Disbursement\\
    \end{tabular}
    \end{center}
    \floatfoot{Note: Histograms of loan commitments and disbursements by the IMF and WB, stratified by regime type.  The distributions are similar across the BWIs. Figures~\ref{treatimf} and \ref{treatwb} report the full treatment assignment plots.} 
    \end{figure}
      
    
    
 %%%%%%%%%%%%%%%%%%
%% (L,F)=(3,8)
%% New Analysis: Use PanelMatch Moderator
%%%%%%%%%%%%%%%%%%

  %%% IMF %%%%%%%  
    \begin{figure}[H]
    \begin{center}
    \caption{Fig 4: IMF Loans: Causal Effects ($L=3, F=8$)} \label{att38IMF}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autimfcommit38ATT.pdf}\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autimfdisburse38ATT.pdf}\\
    \end{tabular}
    \end{center}
    \end{figure} 




%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
  \begin{figure}[H]
    \begin{center}
    \caption{Fig 5: WB Loans: Causal Effects($L=3, F=8$)} \label{att38WB}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demwbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbcommit38ATT.pdf}\\
    \midrule
      \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demwbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbdisburse38ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 


   %%%%%%%%%%% Regressions
 \begin{figure}[H]
\begin{center}
\caption{Estimated Coefficients of BWI Loans on Transparency}
\label{regcoef1}
    \begin{tabular}{cc}
        \includegraphics[width=0.5\linewidth]
    {regGraph/coefall.pdf} & 
        \includegraphics[width=0.5\linewidth]
    {regGraph/coefallDummy.pdf}\\
    (a) Size of Loan   & (b) Loan Dummy
    \end{tabular}
\end{center}
 \floatfoot{Note: Coefficients from the multilevel models. The left panel considers the size of a loan (at the logarithmic scale) as the independent variable; the right panel uses a dichotomous indicator for a country-year with or without a loan.}
\end{figure}


  %%% IMF %%%%%%%  
    \begin{figure}[H]
    \begin{center}
    \caption{Fig A1: IMF Loans: Causal Effects ($L=3, F=4$)} \label{IMF34}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommit34ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demimfcommit34ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
   {CausalGraph/Autimfcommit34ATT.pdf}
 \\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburse34ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demimfdisburse34ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autimfdisburse34ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 


    \begin{figure}[H]
    \begin{center}
    \caption{Fig A2: WB Loans: Causal Effects($L=3, F=4$)} \label{WB34}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommit34ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demwbcommit34ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbcommit34ATT.pdf}\\
    \midrule
      \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburse34ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demwbdisburse34ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbdisburse34ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 


  %%% IMF %%%%%%%  
    \begin{figure}[H]
    \begin{center}
    \caption{Fig A3: IMF Loans: Causal Effects ($L=5, F=8$)} \label{IMF58}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommit58ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demimfcommit58ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autimfcommit58ATT.pdf}\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburse58ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demimfdisburse58ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autimfdisburse58ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

  \begin{figure}[H]
    \begin{center}
    \caption{Fig A4: WB Loans: Causal Effects($L=5, F=8$)} \label{WB58}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommit58ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Demwbcommit58ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbcommit58ATT.pdf}\\
    \midrule
      \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburse58ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Demwbdisburse58ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Autwbdisburse58ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
    
    
    
\begin{figure}[H]
    \begin{center}
    \caption{Treatment Assignment (IMF Loans)} \label{treatimf}
        \begin{tabular}{ccc}
        \toprule
        Both Regimes & Democracy & Autocracy\\
          \midrule
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommitTreatPlot.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommitTreatPlotDem.pdf}&
                \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfcommitTreatPlotAnt.pdf}\\
   \multicolumn{3}{c}{(a) Commitment}\\
        \midrule
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburseTreatPlot.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburseTreatPlotDem.pdf}&
                \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/imfdisburseTreatPlotAnt.pdf}\\
   \multicolumn{3}{c}{(b) Disbursement}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure}
    
    \begin{figure}[H]
    \begin{center}
    \caption{Treatment Assignment (WB Loans)} \label{treatwb}
        \begin{tabular}{ccc}
        \toprule
        Both Regimes & Democracy & Autocracy\\
          \midrule
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommitTreatPlot.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommitTreatPlotDem.pdf}&
                \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbcommitTreatPlotAnt.pdf}\\
   \multicolumn{3}{c}{(a) Commitment}\\
        \midrule
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburseTreatPlot.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburseTreatPlotDem.pdf}&
                \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/wbdisburseTreatPlotAnt.pdf}\\
   \multicolumn{3}{c}{(b) Disbursement}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure}

    

    
    
    %%% Figure S3 %%%%%
    
    
        %%%%%%%%%%
   \begin{figure}[H]
    \begin{center}
    \caption{Fig. S3: Loans and Transparency} \label{DisTransStrat}
        \begin{tabular}{ccc}
        \toprule
        Both Regimes & Democracy & Autocracy\\
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTimfc.pdf} &
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTdemimfc.pdf} &
        \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTautimfc.pdf}\\
    \multicolumn{3}{c}{(a) IMF Loan Commitments}\\
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTimfd.pdf} &
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTdemimfd.pdf} &
        \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTautimfd.pdf}\\
        \multicolumn{3}{c}{(a) IMF Loan Disbursements}\\
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTwbc.pdf} &
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTdemwbc.pdf} &
        \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTautwbc.pdf}\\
  \multicolumn{3}{c}{(a) WB Loan Commitments}\\
   \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTwbd.pdf} &
    \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTdemwbd.pdf} &
        \includegraphics[width=0.33\linewidth, height =0.25\linewidth]
    {disGraphs/LTautwbd.pdf}\\

        \multicolumn{3}{c}{(a) WB Loan Disbursements}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure}
    

%%%%%%%%%%%%%%%%%%%%%%%% Causal Inference Analysis.  %%%%%%%%%%%%%%%%%


    
   %%% Regimes %%%%%%%    
        \begin{figure}[H]
    \begin{center}
    \caption{Fig S4: IMF Loan Commitments: Regime Categories ($L=3, F=8$)} \label{IMF38RC}
        \begin{tabular}{ccc}
        \toprule 
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Parliamentaryimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Presidentialimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Mixedimfcommit38ATT.pdf}\\
 Parliamentary Democracy  & Mixed (semi‐presidential) democracy  & Presidential Democracy \\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Civilianimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Militaryimfcommit38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Royalimfcommit38ATT.pdf}\\
 Civilian Authoritariamism  & Military Authoritariamism  & Royal Authoritariamism \\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

        \begin{figure}[H]
    \begin{center}
    \caption{Fig S5: IMF Loan Disbursements: Regime Categories ($L=3, F=8$)} \label{IMF38RD}
        \begin{tabular}{ccc}
        \toprule 
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Parliamentaryimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Presidentialimfdisburse38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Mixedimfdisburse38ATT.pdf}\\
 Parliamentary Democracy  & Mixed (semi‐presidential) democracy  & Presidential Democracy \\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Civilianimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Militaryimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Royalimfdisburse38ATT.pdf}\\
 Civilian Authoritariamism  & Military Authoritariamism  & Royal Authoritariamism \\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
  
    
        \begin{figure}[H]
    \begin{center}
    \caption{Fig S6: WB Loan Commitments: Regime Categories ($L=3, F=8$)} \label{WB38RC}
        \begin{tabular}{ccc}
        \toprule 
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Parliamentarywbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Presidentialwbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Mixedwbcommit38ATT.pdf}\\
 Parliamentary Democracy  & Mixed (semi‐presidential) democracy  & Presidential Democracy \\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Civilianwbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Militarywbcommit38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Royalwbcommit38ATT.pdf}\\
 Civilian Authoritariamism  & Military Authoritariamism  & Royal Authoritariamism \\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

        \begin{figure}[H]
    \begin{center}
    \caption{Fig S7: WB Loan Disbursements: Regime Categories ($L=3, F=8$)} \label{WB38RD}
        \begin{tabular}{ccc}
        \toprule 
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Parliamentarywbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Presidentialwbdisburse38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Mixedwbdisburse38ATT.pdf}\\
 Parliamentary Democracy  & Mixed (semi-presidential) democracy  & Presidential Democracy \\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Civilianwbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Militarywbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/Royalwbdisburse38ATT.pdf}\\
 Civilian Authoritariamism  & Military Authoritariamism  & Royal Authoritariamism \\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure}

%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
%% Below/Above Median-Level Transparancy
%%%%%%%%%%%%%%%%%%%%%%%%

   
    \begin{figure}[H]
    \begin{center}
    \caption{Fig S8: IMF Loans: Causal Effects ($L=3, F=8$)(Above Median)} \label{IMF38Above}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Aboveimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/AbDemoimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbAutimfcommit38ATT.pdf}\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Aboveimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbDemoimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbAutimfdisburse38ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

   \begin{figure}[H]
    \begin{center}
    \caption{Fig S9: IMF Loans: Causal Effects ($L=3, F=8$)(Below Median)} \label{IMF38Below}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Belowimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/BelDemoimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelAutimfcommit38ATT.pdf}\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Belowimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelDemoimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelAutimfdisburse38ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
    
       \begin{figure}[H]
    \begin{center}
    \caption{Fig S10: WB Loans: Causal Effects($L=3, F=8$) (Above Median)} \label{WB38Above}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Abovewbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/AbDemowbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbAutwbcommit38ATT.pdf}\\
    \midrule
      \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Abovewbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbDemowbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/AbAutwbdisburse38ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
    
    \begin{figure}[H]
    \begin{center}
    \caption{Fig S11: WB Loans: Causal Effects($L=3, F=8$) (Below Median)} \label{WB38Below}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Belowwbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/BelDemowbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelAutwbcommit38ATT.pdf}\\
    \midrule
      \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/Belowwbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelDemowbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/BelAutwbdisburse38ATT.pdf}\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

%%%%%%%%%%%%%%%  
    
%%%% Test UNSC times loans as treatment
%% Comparing with non UNSC and no loans

%%%%%%%%%%
%% UNSC Member or Not
%%%%%%%%%%%%%%%%%%%%%%%%

    \begin{figure}[H]
    \begin{center}
    \caption{Fig S12: IMF Loans: Causal Effects ($L=3, F=8$)(UNSC Member)} \label{IMF38UNSC}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscDemimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscAutimfcommit38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 83$; \# matched obs.$=  294$ }\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscDemimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscAutimfdisburse38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 81$; \# matched obs.$=  253$ }\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

   \begin{figure}[H]
    \begin{center}
    \caption{Fig S13: IMF Loans: Causal Effects ($L=3, F=8$)(UNSC Non-Member)} \label{IMF38UNSCN}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNimfcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNDemimfcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNAutimfcommit38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 87$; \# matched obs.$=  205$ }\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNimfdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNDemimfdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNAutimfdisburse38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 71$; \# matched obs.$=  194$ }\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
    
     \begin{figure}[H]
    \begin{center}
    \caption{Fig S14: WB Loans: Causal Effects ($L=3, F=8$)(UNSC Member)} \label{WB38UNSC}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscwbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscDemwbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscAutwbcommit38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 83$; \# matched obs.$=  294$ }\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscwbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscDemwbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscAutwbdisburse38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 81$; \# matched obs.$=  253$ }\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 

   \begin{figure}[H]
    \begin{center}
    \caption{Fig S15: WB Loans: Causal Effects ($L=3, F=8$)(UNSC Non-Member)} \label{WB38UNSCN}
        \begin{tabular}{ccc}
        \toprule
        Pooled & Democracy & Autocracy\\
           \midrule
              \multicolumn{3}{c}{(a) Loan Commitments}\\    
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNwbcommit38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNDemwbcommit38ATT.pdf} &
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNAutwbcommit38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 83$; \# matched obs.$=  294$ }\\
    \midrule
       \multicolumn{3}{c}{(b) Loan Disbursements}\\
    \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
    {CausalGraph/unscNwbdisburse38ATT.pdf} &
            \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNDemwbdisburse38ATT.pdf}&
             \includegraphics[width=0.3\linewidth, height =0.3\linewidth]
     {CausalGraph/unscNAutwbdisburse38ATT.pdf}\\
    \multicolumn{3}{c}{     \# matched countries $= 81$; \# matched obs.$=  253$ }\\
   \bottomrule
    \end{tabular}
    \end{center}
    \end{figure} 
        



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\bibliographystyle{apsr}
\bibliography{liter2}
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\end{document}

